The Ever-Growing Debt Challenge
Last week, President Trump sent his annual budget request to Congress for consideration. While the president’s proposal is not binding, it does importantly reveal the Administration’s funding priorities for the coming fiscal year and represents a necessary step in the annual budget and appropriations process. Considering that the president’s recommendations are aspirational, some floated ideas were clearly more realistic and sensible than others. But in general, I think President Trump was on the right track to emphasize funding for the nation’s defense and to further restrain some domestic spending.
While I was encouraged that the president’s budget laid out a path toward balance, it is discouraging that – even with proposed discretionary spending cuts – it would take at least 15 years to get there. This illustrates just how serious the fiscal challenge is at hand for our nation, which I believe should cause more urgency in dealing with the real challenge of our nation’s ever-growing debt.
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